House prices: UK area with BEST recovery from financial crash revealed - is it your town?

HOUSE prices took a hit in many areas across the UK during the financial crash between September 2007 and June 2009. Almost 10 years on, experts in the property industry have taken a closer look at the places which recovered the best. Is where you live on the list?

As June swings around, it’s soon to be a decade on from the end of the financial crisis of 2007 2007 and 2009. And, while Brexit uncertainty may occupy much of the population's minds at the moment, it’s time to take a look at if and where the market has made a recovery. According to data sourced from the Land Registry House Price Index, leading fast sale agent, Springbok Properties has said that UK house prices crashed by a negative 16 per cent from September 2007 to June 2009. It was in Northern Ireland where the market took the greatest decline - with the figure standing at an average drop of 37 per cent.

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Founder and CEO of Springbok Properties, Shepherd Ncube, commented: “With a decade since the end of the financial crash approaching, it’s important we consider how lucky we currently are despite Brexit uncertainty slowing the market and the current rate of house price growth.

“Things could certainly be a lot, lot worse and for homeowners in a number of areas of the UK, they are still as bad as they were 10 years ago. When you take this into consideration, a slight reduction of a few thousand pounds in asking price is a much easier pill to swallow.

“The speed and extent with which the UK market has bounced back following the previous crash is a testament to the market’s resilience and proves that despite what is thrown at it, bricks and mortar remains one of the best investments you can make.”

What about the regions which are yet to recover?

It may be 10 years later, but Springbok Properties point out that there are still many places which continue to be affected.

In fact, it highlights that 17 areas of the UK have seen prices fall further since the crash - eight of which are in Northern Ireland.

Other regions include Inverclyde (-7.9 per cent), County Durham (-3.7 per cent), and Blackpool (-1.5 per cent).